Vince Holding Corp Q1 sales up 36 percent, losses narrow

US fashion group Vince Holding Corp has reported a 36.2 percent increase in sales in the first quarter of the year as it narrowed its losses.

In the three months to April 30, the company posted sales of 78.4 million dollars, up from 57.5 million dollars a year earlier.

Sales at the group’s namesake Vince brand increased 34.5 percent to 68.2 million dollars, while at its Rebecca Taylor and Parker labels sales were up 48.9 percent to 10.1 million dollars.

“We are very pleased with our first quarter performance, which was in-line with expectations despite the continued challenging macro environment,” CEO Jack Schwefel told investors.

He said the ongoing momentum at the Vince brand is “very encouraging”, particularly in menswear, as footfall in stores improved.

He continued: “As we head into the second quarter, we remain focused on advancing our strategic initiatives at both Vince and Rebecca Taylor, while simultaneously working to mitigate the impact of supply chain disruptions and inflationary pressures.”

The company reported a net loss of 7.2 million dollars in the quarter, down from 11.6 million dollars a year earlier.

It ended the quarter with 86 company-operated Vince and Rebecca Taylor stores, a net increase of 14 stores.